At a glance: reward and benefits headlines this week 8-14 September 2017
The headlines you might have missed between 8-14 September
British Airways proposes closure of DB scheme; unions ‘bitterly disappointed’
Pensions Age: British Airways has announced its intention to close its main defined benefit pension scheme, the New Airways Pension Scheme (NAPS). Read story
TPR to prosecute bus company for failing to meet AE duties
Professional Pensions: The Pensions Regulator (TPR) will prosecute a bus company and one of its directors after it failed to comply with its duties to provide a workplace pension. Read story
JCP Solicitors to launch on-site crèche and gym
Employee Benefits: Welsh law firm JCP Solicitors is to open an on-site gym, crèche, and new café for employees at its head office in Swansea. Read story
Thomas Cook pilots strike over pay dispute
Employee Benefits: Thomas Cook pilots who are members of the British Airline Pilots’ Association (BALPA) are taking part in a 12-hour strike in a dispute over pay. Read story
Second Finance Bill to legislate for pensions advice exemption and company car tax bands
Employee Benefits: A second Finance Bill 2017 has been introduced into Parliament, which includes the introduction of an income tax exemption for the first £500 of employer-arranged pensions advice, company car tax bands, and the retrospective application of the money purchase annual allowance (MPAA). Read story
LISAs: Help or hindrance?
HR Magazine: Lifetime ISAs could entice employees away from workplace pensions say some. So where will they and where won't they work? Read story
Reward Case Study: L’Occitane
Incentive and Motivation: L’Occitane wanted to place its heritage values at the centre of its company culture and employee value proposition. Read story
Tata Steel completes RAA for British Steel scheme
Professional Pensions: A regulated apportionment arrangement (RAA) has been conducted for the British Steel Pension Scheme (BSPS) after no appeals were lodged since it was agreed in principle last month. Read story
UK pension system unfair on young people, survey says
Professional Pensions: The UK pension system is unfair on young people and the self-employed, a poll by the Society of Pension Professionals (SPP) has said. Read story
Steve Webb: DB transfer demand? You’ve not seen anything yet
Money Marketing: Pressure on schemes to be more transparent and an upcoming change to EU law are expected to make pension transfer business soar. Read story
How to bring reward and recognition into the 21st century
HR Magazine: It’s time to change reward and recognition – and technology has the answers. Read story
Industry push to increase pensions engagement
Pensions Expert: With Pension Awareness Day fast approaching, experts explain how employers and a positive approach to retirement saving and communications can help. Read story
Pay cap to be lifted for police and prison officers
Personnel Today: Police and prison officers are set to be the first beneficiaries of the Government’s decision to relax its 1% public sector pay cap, imposed in 2010. Read story
DB funding level drops over August after 105 schemes fall into deficit
Professional Pensions: The combined deficit of the UK's defined benefit (DB) schemes rose by £40bn over August, according to the Pension Protection Fund's (PPF) latest index. Read story
TPR governance guidance is 'too prescriptive’
Professional Pensions: Trustees should not have to meet numerous sets of regulatory guidance to achieve effective scheme governance, according to a lawyer. Read story
Acas reports a 7.1% mean gender pay gap
Employee Benefits: Corporate guidance and advice organisation Advisory, Conciliation and Arbitration Service (Acas) has reported a mean gender pay gap of 7.1% for hourly fixed pay at 31 March 2017. Read story
FleishmanHillard Fishburn launches new benefits to support work-life balance
Employee Benefits: Public relations organisation FleishmanHillard Fishburn has launched a range of new benefits to support employees’ work-life balance, including flexible working, lifestyle and family-friendly benefit schemes. Read story
Acorne Rewards rebrands as Virgin Incentives
Employee Benefits: The rebrand will also enable Virgin Incentives to work with other Virgin organisations. Read story
Mental health taboo persists for UK workers
Corporate Adviser: A fifth of UK workers would be more likely to go into work with a mental illness than a physical one and just 20 per cent would take time off for a mental health condition, according to new research. Read story
58% cite flexible working as most valued benefit
Employee Benefits: More than half (58%) of employee respondents cite flexible-working hours as the benefit they value as the most important, according to research by Sodexo Engage. Read story
Superdry founders to fund long-term incentive scheme for 4,500 global staff
Employee Benefits: Global clothing retail organisation SuperGroup, which owns the Superdry brand, has launched a long-term incentive scheme for its 4,500 global employees, which will be funded by the organisation’s founders. Read story
State pension age would be 74 if it had kept pace with longevity improvements
Pensions Age: The state pension age would have already increased to 74 if it had kept up the same pace as life expectancy improvements, research from Hymans Robertson has said. Read story
Paul Masterton MP: Why the government should introduce statutory override for CPI switch
Professional Pensions: Paul Masterton MP disagrees there is no affordability problem in DB schemes, and calls for a statutory override to allow trustees to switch to CPI. Read story
TPR publishes s89 report on Nortel case
Professional Pensions: The Pensions Regulator (TPR) has published a section 89 report on the use of its anti-avoidance powers in seeking financial support for the Nortel Networks UK Pension Plan. Read story
Motivation in the workplace
Reward Guide: A motivated workforce is a more productive and engaged workforce. Red Letter Days Motivates outlines strategies employers can use to motivate their staff. Read story
FCA refers investment consultants to CMA for market probe
Professional Pensions: The Financial Conduct Authority (FCA) has today confirmed its final decision to refer the investment consultancy and fiduciary management sector to the Competition and Markets Authority (CMA). Read story
Total pay falls by 0.4% in real terms
Employee Benefits: Total pay for employees in Great Britain, including bonuses, fell by 0.4% in real terms between May-July 2016 and May-July 2017, according to research by the Office for National Statistics (ONS). Read story
63% do not currently support staff sleep habits
Employee Benefits: Almost two-thirds (63%) of respondents do not currently support employees’ sleep habits. Read story
17% of over-50s have access to workplace wellbeing support
Employee Benefits: Under one-fifth (17%) of employee respondents aged 50 or over have access to workplace wellbeing initiatives or advice that could mitigate the impact of health issues on their caeers, according to research by Aviva. Read story
Fujitsu reports a 16.7% mean gender pay gap
Employee Benefits: Technology organisation Fujitsu has reported a mean gender pay gap of 16.7% for hourly fixed pay as at 5 April 2017. Read story
Employers urged to review default offerings
Pensions Expert: Inconsistency in approaches taken to default defined contribution offerings among large contract-based providers could threaten member outcomes, according to a new report, as separate research confirmed the importance of investment returns later in the savings journey. Read story
Recharging the workplace batteries
Reward Guide: Badly handled employee mental wellbeing carries a cost for individuals, their families and businesses. Helen Swire looks at how employers can support their staff. Read story
The most & least motivated workers revealed
HR Grapevine: When we first venture into the world of work, fresh-faced and full of ideas, you’d image that we’d be carrying motivation in spades. However, a recent report from Full Potential Group has revealed that workplace turn-offs that make 20 years old the golden age of demotivation. Read story
CWU plans to close final salary schemes while balloting members on Royal Mail scheme closure
Professional Pensions: The Communication Workers Union (CWU) has proposed a major shake-up of its defined benefit (DB) provision, despite threatening industrial action at Royal Mail for planning similar changes, PP can reveal. Read story
Government to expand HMRC powers to register schemes
Professional Pensions: The government has revealed it will enhance HM Revenue and Customs (HMRC) tax registration powers to clamp down on fraudulent pension schemes. Read story
Wellness incentives can help to boost staff retention
Incentive and Motivation: By providing a wellness incentive programme that is valued by all, employers can be sure that staff feel valued by the business. Read story